Supervalu Inc. said Thursday that two of its directors linked to Cerberus Capital have left the board, a result of Cerberus $9 billion buyout of Safeway, a big grocery rival of Supervalu.
Eden Prairie-based Supervalu (NYSE: SVU) announced that Mark Neporent and Lenard Tessler stepped down immediately.
“In light of the transaction announced today, we felt it was in the best interests of Supervalu for us to resign our seats,” Neporent said.
Neporent is chief operating officer and general counsel for Cerberus Capital Management, which on Thursday announced it’s buying Safeway, the nation’s No. 2 grocer, for $9 billion. Tessler is co-head of global private equity and a senior managing director for Cerberus.
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An investor group led by Cerberus in 2013 bought several chains from Supervalu in one of the biggest M&A deals of the year. Neporent and Tessler took several board seats on Supervalu in that deal.
Date: Mar 7, 2014